Home Bitcoin Cash price analysis: BCH/USD retreats from $1,200; “EAT BCH” charity program feeding the hunger-stricken South Sudan
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Bitcoin Cash price analysis: BCH/USD retreats from $1,200; “EAT BCH” charity program feeding the hunger-stricken South Sudan

  • Although EAT BCH charity program started in Venezuela, it is spreading to other parts of the world.
  • The 50 SMA is supporting the price at $1,110 while the 200 SMA is offering short-term resistance around $1,225.

Bitcoin Cash has broken the bullish trendline formed since Friday last week. The crypto traded above $1,200 during the Asian trading hours on Monday. However, the bears reacted by pushing BCH/USD lower even breaching the support from the 38.2% Fib retracement level with the previous swing high of 1,206 and a low of $995.

EAT BCH charity program was first mentioned a couple of months ago in April after it was reported that it was helping feed the hungry in Venezuela. The program has made its way in aid of the citizens of South Sudan, suffering from hunger, lack of water as well as money. The EAT BCH team says:

“The economic crisis has put pressure on every family in South Sudan so we are finding our way to help where we can. This is how communities come together!”

On the other hand, Bitcoin Cash price is currently trading within the moving averages support and resistance. The 50 SMA is supporting the price at $1,110 while the 200 SMA is offering short-term resistance around $1,225. There is a bullish trend that is building up on the chart, however, the 38.2% Fibo, which failed as a support earlier in the day, will now be offering resistance slightly above $1,225. The MACD finding its way back up after sliding past -10.00 levels. In the event the short-term support level at $1,110 is broken, the 50% Fib retracement level will offer stronger support at $1,100.

BCH/USD 15′ chart

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